Animation Market Size to Reach Around USD 895.71 Billion by 2034

Ottawa, Oct. 09, 2024 (GLOBE NEWSWIRE) -- According to Precedence Research, the global animation market size could reach around USD 836.56 billion by 2033 from USD 412.96 billion by 2023. The animation market is driven by the increasing popularity of OTT platforms and the ease of access to animated content.

Rapid technological advances and the rapid expansion of the media & entertainment industry fuel the global animation market. Animation plays a crucial role in video games, as it gives life to imagined worlds and characters, thus making them appear more authentic. The youth’s inclination toward digital gaming significantly bolstered the market. Moreover, the rise of OTT platforms boosted the demand for animated content, including movies and TV shows, thus contributing to market expansion.

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Percentage of animated films with female lead or co-lead and female cast in TV series

Key Insights

  • North America has accounted highest revenue share of around 33.94% in 2023.
  • Based on Product Type, the 3D animation segment has generated market share of 44.16% in 2023.
  • Based on Industry, the media and entertainment segment has garnered 29.75% of revenue share in 2023, moreover manufacturing segment is estimated to expand at the fastest CAGR over the projected period.

Regional Stance

North America led the market with the largest share in 2023. This is mainly due to the rising technological advancements and increasing demand for animated content. Animated TV shows and movies are gaining immense popularity in countries like the U.S., Canada, and Mexico. Moreover, the rapid expansion of the media and entertainment industry bolstered the market in the region.

The market in Asia Pacific is expected to grow at a significant rate in the coming future. The regional market growth is attributed to the increasing audience base of animated movies and daytime TV soap operas within the region. Furthermore, increasing usage of over the top (OTT) platforms and streaming services prompted advances in VFX and animation technologies, making a positive impact on the entertainment industry.

Animation Market Revenue, By Region 2021-2024 (US$ Bn)

By Region2021202220232024
North America126.79133.14140.17148.18
Europe107.75112.82118.44124.85
Asia Pacific89.6094.68100.31106.70
LAMEA49.9851.9154.0556.50

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Product Type Insights

The 3D animation segment dominated the global animation market in 2023. Advantages of 3D animation include realism, flexibility, sense of volume and depth, real-time interactive features, savings on finances and time, better storytelling, prototyping and previsualization, simulation and visualization, and efficient editing and post-production. The 3D animation technique is widely used in the advertising sector, as it provides detailed visuals about the product. Several sectors, such as filmmaking, advertising, engineering, science, manufacturing, architecture, and education, leverage 3D animation. The rising adoption of streaming services and the demand for 3D animated movies further contributed to segmental growth.

Industry Insights

The media and entertainment industry segment dominated the market in 2023, accounting for the largest share of the market. This is due to the rapid expansion of the media industry and the increasing emphasis on social media marketing strategy among businesses. Integrating animation in social media posts enhanced audience engagement, increased brand awareness, and improved storytelling capabilities. Moreover, the increasing demand for animated content, such as animated cartoons and series, encourages market players to capitalize on this trend and hold a large market share.

According to a Vidico report, Disney, one of the leading players in the animation industry, accounts for 25% of global animated content consumption.

Animation Market Revenue, By Industry, 2021-2024 (US$ Bn)

By Industry2021202220232024
Media and Entertainment110.83116.48122.86130.13
Education69.2172.7876.6381.02
Retail45.2747.1849.4852.10
Healthcare30.4331.8333.3435.06
Manufacturing17.8819.0820.2821.64
Gaming100.50105.19110.37116.29

Animation Market Dynamics

Driver

Technological advancements and the expansion of the gaming industry

Revolutionary advances in computer graphics, hardware, and rendering software have transformed the animation industry, leading to more realistic and attractive images than ever before. Artificial intelligence is helpful in animation production, such as virtual scene creation and character animation, and enhances the overall process. It has the potential to transform the creative process by generating realistic visuals and characters. With the rise of mobile and cloud gaming, animated content providers are making efforts to reach a wider audience base. As a result of advancements in animation creation, high-quality animated content is highly sought after, thus driving the market.

Restraint

Technical complexity and time-consuming process

Creating even a short, animated clip requires a lot of time and effort. This is due to the technical complexity and resources involved, including powerful hardware and sophisticated software solutions. Therefore, hardware failure, software updates, or other technical problems often affect project workflows. Thus, time-consuming processes and technical glitches arise during creation, which may hamper the market.

Opportunity

Increased adoption of cloud computing

The advent of cloud computing revolutionized the animation industry. Cloud solution enables content creators to use vast computing resources available in the cloud to create magnificent visuals without the need for expensive on-premises infrastructure. As a result, animators, designers, and other specialists can work together from remote locations, thus improving performance and creativity. Furthermore, cloud solution allows content creators to securely store large files, thus reducing the need for storage devices and costs.

Related Reports

  • Anime Market - The global anime market size is projected to reach around USD 48.3 billion by 2030 and it is growing at a CAGR of 7.9% from 2021 to 2030.
  • Medical Animation Market - The global medical animation market size is expected to reach around USD 2,080.50 million by 2033 and it is registering at a CAGR of 19.19% from 2024 to 2033.
  • Animation Software Market - The global animation software market size is expected to reach around USD 205.38 billion by 2034 and growing at a CAGR of 3.41% from 2024 to 2034.

Recent Developments

  • In September 2024, Crunchyroll announced that tickets for the idol-driven, coming-of-age film Trapezium are now on sale, and unveiled the official trailer for audiences in the U.S. and Canada.
  • In September 2024, Winking Studios launched GenMotion.AI, a text-to-animation tool for film, TV, and gaming. The tool allows users to generate precise animations using simple or complex text prompts.
  • In August 2024, the government of Madhya Pradesh, headed by Chief Minister Dr. Mohan Yadav, unveiled a new policy to stimulate the state's animation, visual effects, gaming, comics, and extended reality (AVGC-XR) industry.
  • In July 2024, a free, ad-supported second localized 24/7 linear FAST channel for Car City Adventures was launched by Amuse Animation studio on Rakuten TV.
  • In March 2024, Maya Digital Studios, a pioneer in India's animation and visual effects, launched a 2D animation department with advanced technology and facilities.

Animation Market Companies

  • SideFX
  • Adobe
  • Broadcast2World, Inc
  • Triggerfish Studios
  • Smith Micro Software, Inc.
  • Animation Sharks
  • IdeaRocket
  • EIAS3D
  • NewTek, Inc
  • BRAFTON
  • Corel Corporation
  • Autodesk Inc.
  • Videocaddy
  • Maxon Computer
  • WinBizSolutionsIndia

Major Market Segments Covered:

By Product Type

  • 2D Animation
    • Software
    • hardware
    • Services
  • 3D Animation
    • Software
    • hardware
    • Services
  • Stop Motion
    • Software
    • hardware
    • Services
  • Other
    • Software
    • hardware
    • Services

By Industry

  • Direct
  • Education
  • Media and Entertainment
  • Aerospace and Defense
  • Manufacturing
  • Automotive
  • Healthcare
  • Others

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Sweden
    • Denmark
    • Norway
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Thailand
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East and Africa (MEA)
    • South Africa
    • UAE
    • Saudi Arabia
    • Kuwait

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10/09/2024 11:00 -0400

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